New affordability calculator from Leek United

Published on

Leek United has introduced a new residential affordability calculator to help brokers establish if their clients’ lending amount is affordable when applying for a Leek United mortgage.

The calculator, which will be used by underwriters as well as brokers to ensure the consistency of decisions, can accommodate many different income streams including employed, self-employed, pension and investment income.

It provides brokers with  a unique code each time they use it. This code can be accessed by Leek United underwriters and business development managers (BDMs), which means brokers can discuss their calculations with any member of the Leek United intermediary team.

Leek Unites says the new affordability calculator has been streamlined, making it quicker to complete using the information contained within the brokers own fact find.

In some circumstances, we will provide an opportunity for clients to provide their actual spending figures.

Lisa Buckley (pictured), head of sales and marketing at Leek United, said: “Our new affordability calculator is simple to use and enables brokers to obtain a quick and reliable result, confirming if the mortgage amount requested by their clients is affordable.

“The calculator can accommodate many different income streams including; employed, self-employed, pension and investment income. By entering just a few details, the new calculator reduces broker’s time and allows them to quickly get information. We’ve also added a unique code which also improves the experience for brokers when wanting to discuss an affordability calculation with our BDMs or underwriting team.”

Leek United has also recently introduced product transfers on their residential and buy-to-let mortgages, and pays brokers a procuration fee on these cases. The gross procuration fee is 0.25% and is paid to brokers via their mortgage club or direct.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

LendInvest launches fee-free BTL options and product transfers

LendInvest has expanded its buy-to-let range with the introduction of fee-free options for both...

The Monmouthshire reports 61% rise in profits

Monmouthshire Building Society has reported a sharp rise in annual profits. The Newport-headquartered mutual saw...

Value of rental arrears falls for first time since 2021 amid easing rent growth

The average value of rent arrears has fallen year-on-year for the first time since...

Clydesdale Bank cuts residential and buy-to-let rates

Clydesdale Bank is making widespread reductions across its residential and buy-to-let mortgage ranges this...

Quantum Mortgages appoints new BDMs

Quantum Mortgages has strengthened its sales team with the appointment of two new business...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Right of Light risks: a looming shadow over construction projects

Gone are the days when a Right of Light infringement could be swiftly dealt...

Could a move to ‘enhanced advice’ also mean mandatory protection conversations?

The FCA’s recent Mortgage Market Discussion Paper (DP25/2) has got the industry talking about...

Other news

LendInvest launches fee-free BTL options and product transfers

LendInvest has expanded its buy-to-let range with the introduction of fee-free options for both...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

The Monmouthshire reports 61% rise in profits

Monmouthshire Building Society has reported a sharp rise in annual profits. The Newport-headquartered mutual saw...